Investors Purchase Large Volume of Call Options on Sable Offshore (NYSE:SOC)

Sable Offshore Corp. (NYSE:SOC) was the target of unusually large options trading activity on Tuesday. Traders acquired 49,412 call options on the company. This is an increase of 264% compared to the typical daily volume of 13,593 call options.

Insider Buying and Selling

In other Sable Offshore news, EVP Gregory D. Patrinely sold 39,311 shares of the company’s stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total value of $533,057.16. Following the transaction, the executive vice president directly owned 562,740 shares of the company’s stock, valued at $7,630,754.40. This represents a 6.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Anthony Duenner sold 39,312 shares of the company’s stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total value of $533,070.72. Following the completion of the transaction, the insider directly owned 590,864 shares in the company, valued at approximately $8,012,115.84. The trade was a 6.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 240,163 shares of company stock worth $3,228,498. Corporate insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Fifth Third Bancorp acquired a new position in shares of Sable Offshore during the first quarter worth approximately $29,000. NewEdge Advisors LLC grew its position in Sable Offshore by 36.2% in the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after purchasing an additional 650 shares during the last quarter. KBC Group NV increased its holdings in shares of Sable Offshore by 48.7% during the 1st quarter. KBC Group NV now owns 3,132 shares of the company’s stock worth $52,000 after purchasing an additional 1,026 shares during the period. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Sable Offshore during the 4th quarter worth about $37,000. Finally, Royal Bank of Canada raised its position in shares of Sable Offshore by 22.3% during the first quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock valued at $82,000 after buying an additional 895 shares during the last quarter. 26.19% of the stock is owned by institutional investors.

Sable Offshore Price Performance

Shares of NYSE SOC traded down $3.67 during trading hours on Tuesday, hitting $3.31. 52,951,581 shares of the stock were exchanged, compared to its average volume of 5,835,739. Sable Offshore has a one year low of $3.15 and a one year high of $32.18. The company’s 50 day moving average is $12.62 and its 200 day moving average is $11.70. The firm has a market capitalization of $510.16 million, a P/E ratio of -0.79 and a beta of -0.22.

Sable Offshore (NYSE:SOC) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The business had revenue of $1.27 million for the quarter, compared to the consensus estimate of $16.10 million. Research analysts anticipate that Sable Offshore will post 0.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Wall Street Zen lowered shares of Sable Offshore from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research report on Friday, April 24th. Benchmark restated a “hold” rating on shares of Sable Offshore in a report on Tuesday, June 2nd. Zacks Research lowered shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Finally, Jefferies Financial Group decreased their price objective on shares of Sable Offshore from $30.00 to $24.00 and set a “buy” rating for the company in a report on Wednesday, April 22nd. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Sable Offshore has an average rating of “Hold” and an average price target of $22.00.

Sable Offshore Company Profile

Sable Offshore (NYSE:SOC) is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.